AREX Capital Management LP Trims Position in Cannae Holdings, Inc. (NYSE:CNNE)

AREX Capital Management LP lessened its holdings in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 22.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 940,290 shares of the company's stock after selling 277,974 shares during the quarter. Cannae accounts for approximately 26.6% of AREX Capital Management LP's investment portfolio, making the stock its 2nd biggest position. AREX Capital Management LP owned about 1.50% of Cannae worth $18,674,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Spire Wealth Management bought a new position in Cannae during the 4th quarter worth approximately $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Cannae during the fourth quarter valued at $76,000. R Squared Ltd bought a new position in shares of Cannae in the 4th quarter worth about $78,000. Nomura Asset Management Co. Ltd. grew its stake in Cannae by 133.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock worth $85,000 after purchasing an additional 2,436 shares during the period. Finally, Blue Trust Inc. lifted its position in shares of Cannae by 457.9% during the 4th quarter. Blue Trust Inc. now owns 4,949 shares of the company's stock valued at $94,000 after acquiring an additional 4,062 shares during the period. Institutional investors own 88.12% of the company's stock.

Cannae Stock Performance

NYSE:CNNE traded up $0.54 during trading on Thursday, reaching $18.47. The company's stock had a trading volume of 100,579 shares, compared to its average volume of 446,041. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -3.84 and a beta of 1.03. Cannae Holdings, Inc. has a 12 month low of $15.92 and a 12 month high of $22.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The firm has a 50 day moving average of $17.61 and a 200-day moving average of $19.15.

Cannae Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Monday, March 17th. Cannae's payout ratio is -10.17%.

Cannae declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on CNNE shares. Oppenheimer reduced their target price on Cannae from $27.00 to $22.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Royal Bank of Canada lowered their target price on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th.

Cannae Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.